Hill-Wood said Arsenal is secure for the long term

While English Arsenal reported an operating profit of GBP 51.2 million and an overall turnover of more than GBP 200 million, Peter Hill-Wood, chairman of the club, confessed he had concerns regarding rumours of the club's takeover. He then assured Arsenal's supporters that the club is secure for the long term future.

With Russian billionaire, Alisher Usmanov, owning 21 percent of the club through his company, Red and White Holdings Ltd., the recent financial results may have increased the rumour of a takeover.

Twelve percent of the club's shares are owned by American billionaire, Stan Kroenke.

Hill-Wood said he understands why the fans are concerned and worried about the club.

"I share them. All I can say is we have stressed more times than I can remember [that] we believe we are here as guardians of this great football club," said Hill-Wood.

"The board are totally united in resisting any attempt to wrest it from us. Not only does the club belong to shareholders, it belongs to the fans.

"They are the people who produce half the income we generate; they sit around here and we have to entertain them. Luckily we have been able to do that.

"If you listen to the major shareholders on the board and believe what they tell you, they have absolutely no intention of selling one single share.

"I think the way Arsenal Football Club is structured is very satisfactory. I think changing it to a single owner would not be to the benefit of Arsenal fans and the club in general. I hope they are wasting their time."

Hill-Wood, along with the Arsenal board, promised to keep Arsenal shares for at least one year after David Dein, the club's former vice-chairman, left in April, over a disagreement about Kroenke's connection to the club.

Keith Edelman, managing director of the club, said it will continue talks with Kroenke but haven't met with Usmanov, as yet.

Arsenal and Kroenke Sports Entertainment group have a joint venture with Major League Soccer club, Colorado Rapids.

"We have a very good relationship with Stan and a continued dialogue with him, and will have to see how events unfold," Edelman said. "We are joint-venture partners with them and expect to see them again in the near future."

"We have met Stan Kroenke. The chairman and I met him once in New York, I had met him previously in Denver, and we have a continued dialogue about Colorado Rapids, and we expect to see Stan regularly.

"As far as Usmanov is concerned, we have always stated our belief as a responsible corporate body, we meet anybody who requests a meeting, and that is still our policy."

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.